TSX Mining News: Garibaldi (TSX.V: GGI) Closes $1,250,000
Financing
Vancouver,
British Columbia - December 23, 2014 (Investorideas.com Mining stocks newswire)
In preparation for a dynamic exploration season in British Columbia in 2015,
Garibaldi Resources Corp. (TSX.V: GGI) (the
"Company" or "Garibaldi") is pleased to announce that it
has closed a non-brokered private placement of 5,953,310 flow-through units at
$0.21 cents per unit (see details below) for gross total proceeds of $1,250,000
CDN. This strategic financing will be used to further advance the Company’s
B.C. properties including the Canadian flagship Grizzly Project in the Sheslay
district.
“Exceptional results from Garibaldi's
Rodadero discovery in Sonora State and our La Patilla Gold Project in Sinaloa
State already ensures that our shareholders have a great deal of exciting news
to look forward to, near-term and throughout 2015, from ongoing exploration in
Mexico which is accelerating,” stated President and CEO Steve Regoci.
“Additionally, Garibaldi management believes strongly in the significant
leveraged opportunity offered shareholders by the Company's portfolio of B.C.
properties led by the Grizzly. We have the means to unlock the value in these
excellent prospects during 2015 which will build on our success in Mexico.”
Garibaldi B.C. Projects Overview
Grizzly Project
A comprehensive NI-43-101 Technical Report
on the Grizzly Cu-Au Porphyry Project is currently being completed by C.J.
Greig & Associates Ltd. following successful 2014 programs that have
further refined preliminary drill targets along with identifying new ones over
a northwest-trending mineralized corridor that stretches for 30 km. The Company
has been granted a multi-year permit for drilling at the Grizzly from the B.C.
Ministry of Mines.
Garibaldi has expanded the Grizzly to 272
sq. km through staking to extend the western border of the Grizzly West
porphyry by 1 km. Significant drilling discoveries 10 km apart at the Star and
Hat porphyries contiguous to Grizzly are strong evidence as to the scale of
mineralization in this district. A new drill program recently commenced at the
Hat Property as reported by Doubleview Capital Corp. Dec. 12, 2014.
King
Exploration targets at the 1700 hectare
King Property, approximately 10 km north-northeast of the past producing
high-grade Snip Mine in the Eskay Creek region, range from high-grade gold to
high-grade silver-lead-zinc. Recent power and infrastructure projects have
significantly improved access to the claim area. Four mineralized zones are
considered highly prospective for potential new discoveries on this
under-explored property.
Red Lion
The Red Lion Property, 60 km south of
AuRico Gold's Kemess mine in north central B.C., is contiguous to the northern
border of Kiska Metals' Kliyul Cu-Au Porphyry Project under option to Teck
Resources Ltd. Kliyul has yielded promising results from drilling including 76
m of 1.16 g/t Au and 0.33% Cu, and 218 m of 0.52 g/t Au and 0.23% Cu.
Garibaldi's initial land position at Red
Lion, characterized by extremely strong Cu-Au stream sediment geochemistry in
both RGS and follow-up proprietary surveys, was increased recently to a total
of 45 sq. km with additional staking covering a broad, high-tenor Cu-Au soil
geochemical anomaly.
Access and infrastructure at Red Lion are
excellent with the power line to the Kemess South mine only 3 km away.
MSM
The
MSM prospect, comprising 58 sq. km, is located approximately 50 km northeast of
Imperial Metals' Red Chris mine and is underlain by similar Triassic and
Jurassic volcanic and plutonic rocks. At least eight Cu-Ag-Au showings have
been documented on the property. During this year, Garibaldi compiled all
previous exploration data, interpreted satellite imagery lineaments, conducted
an airborne magnetic survey and collected stream sediment geochemical samples
in preparation for more detailed ground work that will help identify potential
drill targets.
Tora Tora
Garibaldi's Tora Tora Property near
Princeton, 25 km north of the producing Copper Mountain mine, is largely
overburden covered but features a prominent circular shaped magnetic anomaly
which management believes may be the expression of a buried intrusive body. The
company is following up on last year's aeromagnetic survey of this distinct
target located 2 km west of Sego Resources' 2012 discovery hole (DDH-12-21,
100.4 m of 0.95% Cu, 0.55g/t Au and 3.5 g/t Ag).
Black Gold
Garibaldi's Black Gold claims near Grand
Forks, British Columbia, are potentially suitable for extraction of dimension
stone quality “black granite”. The Company continues to examine ways to unlock
the value of this legacy asset.
Private Placement Details
The flow-through private placement consists
of units of the Company's securities at a price of $0.21 per unit. Each unit
contains one flow-through share in the capital of the Company and one-half of a
non-transferable share purchase warrant with each full warrant entitling the
holder to acquire one additional common share of the Company at a price of
$0.30 for a period of 18 months. Secutor Capital Management Corporation acted
as exclusive finder in connection with this non-brokered private placement and
was paid a cash commission of $87,500 CDN. The units from this private placement
are subject to a hold period and may not be traded until April 23, 2015.
Read this release
in full at http://www.investorideas.com/news/2014/mining/12231.asp
Qualified Person
Carl von Einsiedel, P.Geo., a
non-independent geological consultant and a Qualified Person as defined by
NI-43-101, has reviewed this news release and approved the content thereof.
About Garibaldi
Garibaldi Resources Corp. is an active
Canadian-based junior exploration company focused on creating shareholder value
through discoveries and strategic development of its assets in some of the most
prolific mining regions in Mexico and British Columbia.
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve Regoci, President
Neither
the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or the accuracy of this release.
Contact:
GARIBALDI
RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851 Web site: GaribaldiResources.com
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851 Web site: GaribaldiResources.com
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